Business Studies
Exam Materials
Course Introduction
Business Studies provides a comprehensive introduction to the principles and practices that govern the world of business. Covering a broad range of topics such as management, marketing, finance, operations, and entrepreneurship, this course equips students with the analytical tools and foundational knowledge necessary to understand how organizations operate, make decisions, and adapt in a dynamic global marketplace. Through real-world case studies and practical applications, students will develop critical thinking, problem-solving, and communication skills essential for success in various business environments.
Recommended Textbook
Business Essentials 8th Canadian Edition by
Ronald J. Ebert
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15 Chapters
4158 Verified Questions
4158 Flashcards
Source URL: https://quizplus.com/study-set/1360
Page 2
Chapter 1: Understanding the Canadian Business System
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250 Verified Questions
250 Flashcards
Source URL: https://quizplus.com/quiz/27146
Sample Questions
Q1) What four areas are the focus of the government's role as a "regulator"?
Answer: The four areas are promoting competition (e.g., ensuring that healthy competition exists among business competitors), protecting consumers (e.g., legislation regarding hazardous products), achieving social goals (e.g., universal access to health care), and protecting the environment (e.g., passing air pollution legislation).
Q2) What happens when a company underestimates demand?
Answer: - Too few products are produced
- Potential profits lost
- Unhappy customers cannot buy what they want
- Knowledge of the shortage attracts more competition
Q3) Capitalism relies on demand and supply in the marketplace to determine what, when, and for whom to produce.
A)True
B)False
Answer: True
Q4) What does the demand curve show?
Answer: The demand curve shows how many products will be demanded at different prices.
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3
Chapter 2: The Environment of Business
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235 Verified Questions
235 Flashcards
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Sample Questions
Q1) What is outsourcing?
Answer: Outsourcing is a strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials or resources.
Q2) Which of the following best gives the meaning of the term gross domestic product?
A) Total quantity of goods and services produced by an economic system
B) Total quantity of goods that a country's citizens can purchase with the currency used in their economic system
C) Conditions of the economic system in which an organization operates
D) Total value of all goods and services produced within a given period by a national economy through domestic factors of production
E) Indicators of available goods and services produced within a specific domestic market
Answer: D
Q3) What is meant by the term core competencies?
Answer: Core competencies are the skills and resources with which an organization competes best and creates the most values for owners.
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4
Chapter 3: Conducting Business Ethically and Responsibly
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275 Verified Questions
275 Flashcards
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Sample Questions
Q1) Collusion occurs when two or more firms agree to collaborate on wrongful acts such as price fixing.
A)True
B)False
Answer: True
Q2) ________ is the view that a company's only social responsibility is to make as much money as possible for its shareholders.
A) Free market capitalism
B) Managerial capitalism
C) Globalization
D) Mixed economy capitalism
E) None of these
Answer: B
Q3) List five general categories of organizational stakeholders.
Answer: Customers, employees, investors, suppliers, and local communities
Q4) What is triple bottom line reporting?
Answer: Triple bottom line reporting means measuring the social, environmental, and economic performance of a company.
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Page 5
Chapter 4: Entrepreneurship, Small Business, and New
Venture Creation
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243 Verified Questions
243 Flashcards
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Sample Questions
Q1) Venture capitalists
A) require collateral for all transactions.
B) are risk averse lenders.
C) invest funds from professionally managed pools of investor money.
D) offer loans with a maximum 90-day payback period.
E) are individuals in the United States who are willing to loan money to Canadians who want to start a business.
Q2) According to Industry Canada, small businesses account for over two thirds of employment in all of the following except
A) other services.
B) construction.
C) accommodation and food.
D) manufacturing.
E) non-institutional health care.
Q3) What are the most common sources of equity financing?
Q4) What are the two most widely used methods to form a corporation?
Q5) Self-employed Canadians account for about half of the total workforce.
A)True
B)False
Q6) Identify the four major factors that contribute to small business failure. Page 6
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Page 7
Chapter 5: The Global Context of Business
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260 Verified Questions
260 Flashcards
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Sample Questions
Q1) Explain why foreign direct investment is often the riskiest, most complex, and most involved of the various types of international involvement.
Q2) What are some advantages for businesses that engage in strategic alliances?
Q3) With regard to exchange rates, it is correct to say that
A) they affect trade balances.
B) they typically vary substantially on a daily basis.
C) they do not vary with market conditions.
D) changes affect only narrow product lines, not all products.
E) as the value of a country's currency falls, foreign companies have less incentive to ship products into that country.
Q4) Which of the following international organizational strategies means buying or establishing tangible assets in another country?
A) Independent agency
B) Opening branch offices
C) Providing licensing arrangements
D) Forming strategic alliances
E) Foreign direct investment
Q5) Give an example of an absolute advantage.
Q6) What is protectionism?
8
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Chapter 6: Managing the Business Enterprise
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271 Verified Questions
271 Flashcards
Source URL: https://quizplus.com/quiz/27151
Sample Questions
Q1) When Airbus decided to develop and manufacture a new jumbo jet to meet the demand for increased international travel, it was involved in what stage of the rational decision-making process?
A) Select the best alternative
B) Identify alternatives
C) Evaluate alternatives
D) Implement the chosen alternative
E) Follow up and evaluate the results
Q2) A study by Google found that technical expertise ranked last among a list of eight "Habits of Highly Effective Google Managers." What was at the top of the list?
A) Bosses who had a strong concern for social responsibility and ethics.
B) Bosses who completed their work in a timely fashion.
C) Bosses who did what they promised.
D) Bosses who were even-tempered, who made time for one-on-one meetings, and who helped subordinates work through problems.
E) Bosses who protected their employees from harassment by managers in other divisions.
Q3) At which level of management are human relation skills most important?
Q4) What are the three types of time-based goals?
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Chapter 7: Organizing the Business Enterprise
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278 Verified Questions
278 Flashcards
Source URL: https://quizplus.com/quiz/27152
Sample Questions
Q1) Businesses spend time developing organization charts because A) charts portray the firm's structure and the relationship of employees within the organization.
B) a chart determines which jobs need to be accomplished and who will perform them.
C) charts are a valuable tool for companies that are involved in the research and development of new products.
D) charts are useful when planning marketing campaigns.
E) all of these.
Q2) All things considered, functional departmentalization is the optimum organizational structure for most organizations.
A)True
B)False
Q3) What is a decentralized organization?
Q4) Delegation occurs when a manager assigns a task to a subordinate who then is accountable to the manager for completion of the task.
A)True
B)False
Q5) What is the grapevine?
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Chapter 8: Managing Human Resources and Labour Relations
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293 Verified Questions
293 Flashcards
Source URL: https://quizplus.com/quiz/27153
Sample Questions
Q1) Describe the human resources development process.
Q2) The human resources department of a large organization is interested in measuring the personality traits of its potential employees. The job applicants have been assured that they should feel free to answer honestly and that all responses will be anonymous. The applicants are likely to give inflated estimates of all of the following except
A) emotional stability, including the person's ability to withstand stress.
B) conscientiousness, a measure of reliability.
C) agreeableness, a measure of the ability to cooperate.
D) risk taking, a measure of eagerness to take chances.
E) self-monitoring, a measure of the ability to alter one's behaviour based on external factors.
Q3) Rosalyn belongs to a company with a wellness program. The program may include A) employment insurance.
B) better health insurance.
C) stress management programs.
D) life insurance.
E) workers' compensation.
Q4) What are the two types of sexual harassment?
Q5) Discuss some of the facts/issues of retirement.
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Chapter 9: Motivating, Satisfying, and Leading Employees
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319 Verified Questions
319 Flashcards
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Sample Questions
Q1) High levels of job satisfaction generally lead to higher levels of employee productivity.
A)True
B)False
Q2) How do the trait and behavioural approaches differ?
Q3) Marshall thinks that the best way to stop undesirable behaviour on the part of his subordinates is to simply ignore it. Marshall is using ________ as a strategy.
A) punishment
B) omission
C) positive reinforcement
D) negative reinforcement
E) none of these
Q4) A psychological contract is a person's set of expectations regarding what he or she will contribute to the organization and what the organization will provide in return.
A)True
B)False
Q5) Outline the basic characteristics of the classical theory of motivation. Can this theory be used today by business firms? Explain.
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Chapter 10: Operations Management, Productivity, and Quality
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300 Verified Questions
300 Flashcards
Source URL: https://quizplus.com/quiz/27155
Sample Questions
Q1) Identify and describe the five major areas in materials management.
Q2) What is a supply chain?
Q3) ________ is a measure of economic performance that compares how much is produced relative to the resources used to produce it.
A) Re-engineering
B) Services
C) Total quality management
D) Productivity
E) Quality
Q4) Give an example of a product that is produced through an analytic process.
Q5) Which of the following would be considered a high-contact system?
A) Gas company
B) Electric company
C) Lawn care company
D) Barber shop
E) Postal delivery
Q6) Describe two alternatives for production facility layouts.
Q7) How can supply chain management create competitive advantage?
Q8) Explain how material requirements planning (MRP) works in the production department. Page 13
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Page 14
Chapter 11: Understanding Accounting
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258 Verified Questions
258 Flashcards
Source URL: https://quizplus.com/quiz/27156
Sample Questions
Q1) ________ are non-physical assets, such as a patent or trademark, that have economic value in the form of expected benefits.
A) Intangible assets
B) Fixed assets
C) Prepaid assets
D) Current assets
E) Long-term assets
Q2) Firm A enjoys a better activity ratio than Firm B. What might this mean?
A) Firm A likely generates greater profits or sales.
B) Firm A uses its resources more efficiently than Firm B.
C) Firm A has more customers than Firm B.
D) Firm A generates greater profits on sales and uses its resources more efficiently than B.
E) It might not mean anything.
Q3) All firms are legally required to issue a statement of cash flows.
A)True
B)False
Q4) What do activity ratios show?
Q5) List the potential users of accounting information.
Q6) What is an asset?
Page 15
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Chapter 12: Understanding Marketing Principles and Developing Products
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324 Verified Questions
324 Flashcards
Source URL: https://quizplus.com/quiz/27157
Sample Questions
Q1) It is estimated that it takes 100 new product ideas to generate 1 product that finally reaches the marketplace. Even then, only a few of those become successful products.
A)True
B)False
Q2) Automobiles, colour TVs, and DVD players are in the ________ stage of their product life cycle.
A) introduction
B) growth
C) decline
D) maturity
E) development
Q3) A chef purchases a new oven for her restaurant's kitchen. Explain whether the chef is buying a capital item or a production item.
Q4) ________ is the most highly visible component of the marketing mix.
A) Promotion
B) Place
C) Profit
D) Product
E) Price
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Chapter 13: Pricing, Promotion, and Distributing Products
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296 Verified Questions
296 Flashcards
Source URL: https://quizplus.com/quiz/27158
Sample Questions
Q1) An independently owned wholesaler who purchases, stores, and repackages a product before selling the product to his or her customer is known as a(n)
A) agent/broker.
B) contract carrier.
C) sales branch.
D) distributor.
E) merchant wholesaler.
Q2) How could the use of wholesalers affect the pricing for the Superior V and Superior VI speaker systems?
Q3) One advantage of using magazine advertisements is that magazines represent a market that has already been segmented.
A)True
B)False
Q4) List one advantage and one disadvantage of using trucks for transportation.
Q5) What is a channel captain?
Q6) Identify and briefly discuss five of the various advertising media.
Q7) List the three degrees of market coverage.
Q8) What tools are used by the marketing managers to determine prices of products?
Q9) What is a markup?
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Chapter 14: Money and Banking
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226 Verified Questions
226 Flashcards
Source URL: https://quizplus.com/quiz/27159
Sample Questions
Q1) As of January 2015, the value of M-2 was
A) $34.5 million.
B) $443.5 million.
C) $1.270 trillion.
D) $212.4 billion.
E) $967.5 billion.
Q2) Describe the kinds of business firms that make up "pillar #3" of the Canadian financial system.
Q3) The law of one price ensures that no country's currency is overvalued.
A)True
B)False
Q4) The value of the Canadian dollar
A) is always valued at the same exchange rate.
B) typically trades above the U.S. dollar.
C) typically values at par with the U.S. dollar.
D) reflects the overall supply and demand for Canadian dollars both at home and abroad.
E) none of these.
Q5) How are factoring companies and financial corporations different?
Q6) Briefly describe the attributes an object must possess to be used as money.
Page 18
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Chapter 15: Finacial Decisions and Risk Management
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330 Verified Questions
330 Flashcards
Source URL: https://quizplus.com/quiz/27160
Sample Questions
Q1) Mutual funds vary according to the investment goals emphasized by the fund managers.
A)True
B)False
Q2) Work-in-process inventory consists of goods partway through the production process that are damaged and have to be written off.
A)True
B)False
Q3) From a company's perspective, which of the following is the riskiest mix of long-term funding?
A) 25% debt, 75% equity
B) 100% equity
C) 50% debt, 50% equity
D) 75% debt, 25% equity
E) 100% debt
Q4) Preferred shares never mature, however, payments to the holder are fixed in amount and can be withheld if the company wishes.
A)True B)False
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